Banking, Safety, Saving

What does FDIC mean?

FDIC stands for Federal Deposit Insurance Corporation. A bank account that is FDIC-insured means that your money is insured by the federal government, usually up to $250,000.

What you should know:

  1. If a bank fails and cannot give all of its customers the money in their accounts, the FDIC makes sure they are paid.
  2. When choosing a bank, make sure to pick one that is FDIC insured, and choose types of accounts that are covered.
  3. FDIC covers checking accounts, savings accounts, and several other types of bank accounts. Check with your bank to confirm your account will be covered. 

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What does FDIC mean?

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